---
title: "Intel CEO Lip-Bu Tan bought $9.7 million of stock at $64.73; two sessions later chips hit five-month lows"
description: "Intel chief executive Lip-Bu Tan put $9.7 million of family-trust cash into the stock the day before the midterm election, his second big purchase since August. The Democratic sweep that followed left chip stocks at five-month lows, and both of the CEO's 2026 entries are under water."
publisher: "The Inference"
section: "Chips"
published: 2026-11-04T19:17:22.357Z
modified: 2026-11-04T19:17:22.357Z
canonical: https://theinference.org/article/intel-ceo-lip-bu-tan-bought-9-7-million-of-stock-at-64-73-two-sessions-later-chips-hit-five-month-lows
language: en
keywords: "Intel, Insider Buying, Semiconductors, Elections, AI"
---

# Intel CEO Lip-Bu Tan bought $9.7 million of stock at $64.73; two sessions later chips hit five-month lows

> Intel chief executive Lip-Bu Tan put $9.7 million of family-trust cash into the stock the day before the midterm election, his second big purchase since August. The Democratic sweep that followed left chip stocks at five-month lows, and both of the CEO's 2026 entries are under water.

On November 2, the Monday before the midterm election, [Intel](https://theinference.org/markets/companies/intel) chief executive [Lip-Bu Tan](https://theinference.org/markets/people/lip-bu-tan) bought 150,000 Intel shares through his family trust at a weighted average of $64.7312, in trades banded between $64.705 and $64.735, about $9.7 million in all.

[The Form 4, filed on November 4](https://www.sec.gov/Archives/edgar/data/50863/000005086326000195/0000050863-26-000195-index.htm), shows the Rule 10b5-1 box unchecked, a discretionary buy on his own timing rather than a scheduled plan, and the trust's stake rose 11.4% to 1,464,669 shares [1]. It is his second purchase in three months: on August 11 he paid $95.00 for 105,263 shares, the same price public investors got in [Intel's $20 billion stock offering that week](https://finance.yahoo.com/markets/stocks/articles/ceo-lip-bu-tan-just-125039590.html) [2].

## The guidance that knocked 29% off the stock

The buy came three sessions after a record collapse. [Third-quarter results on October 29](https://247wallst.com/cards/intel-q3-2026-earnings-intc-01m64mq6hr4b53vvv67fkcadph) beat estimates with adjusted earnings of $0.52 against a $0.40 forecast, revenue of $16.51 billion, and Data Center and AI revenue up 78% to $7.32 billion, the strongest data-center growth in 15 years [3]. The guidance did the damage: $15–16 billion for the fourth quarter against roughly $17.1 billion expected [4]. The stock fell 28.6% on October 30, to $65.76, its steepest one-session drop on record [4]. Tan's Monday purchase sat about a dollar below the crash close.

*Chart: **Q3 was Intel's record quarter; its own Q4 guide steps revenue back down** Column chart of Intel quarterly revenue from the fourth quarter of 2024 through the third quarter of 2026, rising from $14.3 billion to $16.5 billion, with the fourth-quarter guide of $15 to $16 billion plotted below Q3.*

*Quarterly revenue in $ billions from Intel's SEC filings. The Q4 guide is Intel's October 29 outlook of $15-16 billion, plotted at the midpoint with its range, against consensus near $17.1 billion. Sources: Intel via SEC EDGAR, 24/7 Wall St, KuCoin News. [3][4][10]*

## The selloff started before the ballots

On October 30 the Nasdaq fell 2.9%, its worst day since June, and the Philadelphia chip index lost 7.2% [4]. Into the vote, [strategists warned a Democratic Congress could restrict data-center growth](https://www.msn.com/en-us/money/markets/midterm-elections-could-jolt-stocks-if-democrats-sweep-congress/ar-AA2gFlgE), and Quilter strategist Kit Rees said curbs on AI development "could threaten to put the brakes on growth" [5][6].

Democrats took both chambers on November 3, with Decision Desk HQ calling 241 House seats and 54 Senate seats, and [the Dow still rose more than 1,100 points the next morning](https://thehill.com/business/6197256-stocks-rally-democrats-midterm-victory/) [7]. Chips went the other way. [The group hit its lowest level since late April](https://www.investors.com/news/technology/chip-stocks-feeling-blue-after-democratic-party-victories/), with [Credo](https://theinference.org/markets/companies/credo) down 9.91%, [SiTime](https://theinference.org/markets/companies/sitime) 8.35%, [Marvell](https://theinference.org/markets/companies/marvell) 7.94% and [Coherent](https://theinference.org/markets/companies/coherent) 6.95%, and the SOX index off as much as 5.1% intraday before recovering [8][9]. Intel traded near $58.40, down 3.6%, about 10% below the CEO's entry [2].

*Chart: **Both of Tan's 2026 entries sit above the tape** Column chart comparing Intel share prices: Lip-Bu Tan's purchase entries of $95.00 on August 11, 2026, and $64.7312 on November 2, 2026, against the stock near $58.37 on the afternoon of November 4, 2026.*

*Entry prices from SEC Form 4 filings; the November 4 figure is an early-afternoon quote read on Yahoo Finance. Dollars per share. [1][2]*

## The demand case did not disappear

The selling has a rebuttal on the record. [Goldman Sachs](https://theinference.org/markets/companies/goldman-sachs) strategists judged a national data-center moratorium unlikely in any election outcome [5], and Reuters reported [that analysts doubt any legislation could meaningfully stall construction](https://www.msn.com/en-us/news/other/ai-data-center-stocks-dip-renewables-surge-after-democrat-sweep-in-us-midterm-elections/ar-AA2gJwvq), with hearings the likelier friction [6]. [AMD](https://theinference.org/markets/companies/amd) said on November 3 that its data-center revenue nearly doubled, and the stock jumped 7% [3].

The bear case sits in Intel's own forecast: a PC slowdown through at least the first half of 2027, and fourth-quarter adjusted earnings of about $0.25 a share [3][4]. The foundry rebound underneath is young, with outside customers at [5.1% of Intel Foundry revenue](https://theinference.org/article/intel-ceo-lip-bu-tan-discussed-collaboration-with-amd-outside-customers-are-5-1-of-intel-s-foundry-revenue) when Tan discussed working with AMD in late October [3][4].

## The level to watch from here

At $58.40, the two purchases of 2026 sit a combined $4.8 million below what they cost, and $64.73 now works as the level the person running Intel chose with his own cash, outside any plan [1][2]. Next readings are dated: the fourth-quarter report in January, the first AI hearings of the new Congress, and any third Form 4, which would say more than the second [1][2]. Insiders sell for many reasons, in Peter Lynch's old line, and buy for one; Tan has now paid that one reason twice.

## Takeaway

CEO Lip-Bu Tan has bought Intel twice in 2026 outside any trading plan, and both entries are under water after chip stocks hit five-month lows; the January Q4 report is the first test of the level he chose.

## Sources

1. [SEC EDGAR, Form 4, Intel Corp, reporting owner Tan Lip Bu, filed 4 November 2026, period 2 November 2026](https://www.sec.gov/Archives/edgar/data/50863/000005086326000195/0000050863-26-000195-index.htm)
2. [Yahoo Finance (24/7 Wall St), CEO Lip Bu-Tan Just Gave Intel a $10 Million Vote of Confidence, 15 August 2026; live INTC quote read 4 November 2026](https://finance.yahoo.com/markets/stocks/articles/ceo-lip-bu-tan-just-125039590.html)
3. [24/7 Wall St, Intel Q3 2026: Data Center Revenue Surges 78%, but Q4 Faces a Step Down, 29 October 2026](https://247wallst.com/cards/intel-q3-2026-earnings-intc-01m64mq6hr4b53vvv67fkcadph)
4. [KuCoin News (Coinpaper), Intel Stock Drops 28.6% Amid Weak Guidance Despite Strong Q3 Earnings, 2 November 2026](https://www.kucoin.com/news/flash/intel-stock-drops-28-6-amid-weak-guidance-despite-strong-q3-earnings)
5. [CNBC via MSN, Midterm elections could jolt stocks if Democrats sweep Congress, 3 November 2026](https://www.msn.com/en-us/money/markets/midterm-elections-could-jolt-stocks-if-democrats-sweep-congress/ar-AA2gFlgE)
6. [Reuters via MSN, AI data center stocks dip, renewables surge after Democrat sweep in US midterm elections, 4 November 2026](https://www.msn.com/en-us/news/other/ai-data-center-stocks-dip-renewables-surge-after-democrat-sweep-in-us-midterm-elections/ar-AA2gJwvq)
7. [The Hill, Stocks rally after Democrats march to midterm victories, 4 November 2026](https://thehill.com/business/6197256-stocks-rally-democrats-midterm-victory/)
8. [Investor's Business Daily, Chip Stocks Feeling Blue After Democratic Party Victories, 4 November 2026](https://www.investors.com/news/technology/chip-stocks-feeling-blue-after-democratic-party-victories/)
9. [Investor's Business Daily via Yahoo Finance, Chip Stocks Feeling Blue After Democratic Party Victories, 4 November 2026](https://finance.yahoo.com/m/b85debf9-a8a5-3505-a5ba-812ad44e0e07/chip-stocks-feeling-blue.html)
10. [Intel, quarterly figures from its SEC filings, retrieved 4 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000050863)


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Intel CEO Lip-Bu Tan bought $9.7 million of stock at $64.73; two sessions later chips hit five-month lows — The Inference. Canonical: https://theinference.org/article/intel-ceo-lip-bu-tan-bought-9-7-million-of-stock-at-64-73-two-sessions-later-chips-hit-five-month-lows